That would lead to more foreign investment in the country, he added, given that mining giants BHP Billiton, Anglo American and Rio Tinto are currently sitting on the sidelines.

Unlike other players, Glencore has been successful in Russia, the world's largest oil producer. In 2012 Swiss trading houses Vitol and Glencore became the largest players in the Russian oil export market, according to Reuters calculations, dominating supplies from the country after new government policies opened up trade.

"I think the major thing you see in Russia today is, even the Russian companies, you don't see them putting massive money back into the country and developing the resources in the country."

"Where the government is going to have to help is, it's going to have to develop better infrastructure, strong, better rail lines, better ports, better infrastructure, to encourage foreign investors to come into the country and put billions of dollars into the country."